SpaceX continued its impressive market rally on Tuesday, overtaking Microsoft to become the fourth-largest company in the United States by market capitalisation. The milestone came alongside the announcement of a major $60 billion acquisition of artificial intelligence coding platform Cursor.
Shares of the Elon Musk-led aerospace and technology company climbed nearly 8 percent in early trading, pushing its market value to approximately $2.74 trillion. The surge placed SpaceX ahead of Microsoft and further extended its lead over Amazon, which was valued at around $2.65 trillion during the session.
The latest gains build on a remarkable run following SpaceX’s record-breaking stock market debut last week. After jumping 20 percent on its first full trading day, the company has continued to attract strong investor interest, making it one of the most closely watched post-IPO success stories in recent years.
Investor confidence has been fuelled not only by SpaceX’s core space exploration and satellite businesses but also by its rapidly expanding ambitions in artificial intelligence.
On Tuesday, the company announced an all-stock acquisition of Cursor, a fast-growing AI coding assistant valued at $60 billion. Cursor has established itself as a major player in the AI software sector, offering tools capable of autonomously writing code and assisting software developers.
The platform competes with leading AI coding products such as Claude Code and Codex and has gained significant traction among large enterprises. According to the company, Cursor is already used by 64 percent of Fortune 500 firms, underlining its growing influence in the software industry.
SpaceX had previously revealed in April that it had secured the rights to acquire Cursor. The acquisition is expected to strengthen the company’s position in the increasingly competitive AI landscape while expanding its software development and automation capabilities.
The deal further highlights SpaceX’s aggressive investment strategy in artificial intelligence. The company invested approximately $12.7 billion in AI-related initiatives during 2025 and a further $7.7 billion in the first quarter of 2026.
With the acquisition of Cursor, SpaceX has completed one of the largest AI transactions in its history, reinforcing its commitment to becoming a major force in both advanced technology and artificial intelligence.
